228 4Th StLas Vegas, NV 89101

Property Details for 228 4Th St

Year built

1963

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.17 AC

Property size (Sq ft)

13,843 SF

Property type

Office properties

Property subtype

Office buildings

APN

139-34-210-079

APU

13934210079

Description

This three-story, ±13,852 square foot Class B office building in downtown Las Vegas, NV (APN 139-34-210-079) presents a unique investment opportunity. Built in 1963 and situated on a 0.41-acre lot (C-2 zoning), the property is currently 70% occupied, primarily by law firms. The second floor boasts recently renovated, upgraded finishes. The seller, an existing tenant, offers flexibility in lease terms, allowing for owner-occupancy or continued income generation. Development potential is significant, with existing plans for a 23-story, ±405,500 square foot boutique hotel available to the purchaser. The building benefits from 39 on-site parking spaces (2.82:1,000 SF ratio), a rare amenity in the downtown core, plus additional income from parking and a rooftop antenna lease (five-year term with options). Its prime location offers easy access to the I-15 and US-95/I-515 freeways, the Fremont Street Experience, the Arts District, and numerous downtown amenities. The lack of new office construction in the submarket creates a barrier to entry, making this a compelling investment for owner-users, investors, or developers seeking a prime downtown Las Vegas location. The building's classic 1960s design and attractive interior finishes, including second-floor balconies, add to its appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $3,266,513

  6.5%

  $3,015,243

  7%

  $2,799,868

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,773,445

  Geo Method

  $2,773,445

• Alternative Use

  Use

  Valuation

  Residential

  $3,738,902

  Hospitality

  $3,424,814

  Educational

  $2,849,405

  Medical

  $2,947,400

  Retail

  $4,432,408

Location Insight

City

Las Vegas

County

Clark

State

Nevada

Latitude

36.1678

Longitude

-115.143

CBSA code

29820

CBSA name

LAS VEGAS-PARADISE, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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